Tuesday, October 12, 2010

BP (NYSE:BP), which has a 40 percent stake in the Sajaa Gas Plant in the United Arab Emirates, and has operated it for 32 years, will be transferring their stake to Sharjah government in November 2013.

Petrofac (OTC:POFCF.PK) has signed an agreement with the Sharjah government for $250 million, to take over operations and management of the plant from BP for a period of five years.

The deal was made reportedly to ensure a smooth transition of the asset from BP to the government.